On April 4th, the officials and professors from the Dominican Republic visited Korea in Yeoksam, Korea, and participated in the session organized by KAIST and KOICA.
NYET conducted the session on what role the Dominican Republic government should play in establishing an ‘Entrepreneurial ecosystem’ for innovation.
In the Dominican Republic, major industrial sectors such as construction and tourism are leading the growth rate. The economy grew at 6.9% in the third quarter of 2018 and is expected to continue to grow in 2019 despite the slowing US economy and the overall stagnant growth in Latin America.
On the other hand, there are challenges that the Dominican Republic needs to overcome in order to grow as an innovative country. To address this issue, the government administrators and the professors from the local universities actively discussed what regulatory and policy needs to be reviewed during the session.
We reviewed the foreign policy strategies of the US and UK governments to attract foreign companies and analyzed how developed countries are generating and maintaining innovation.